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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value by Level within the Fair Value Hierarchy

The following table sets forth assets and liabilities of SCE that were accounted for at fair value by level within the fair value hierarchy:

			September 30, 2025
(in millions)			Level 1						Level 2						Level 3						Netting and Collateral1						Total
Assets at fair value
Derivative contracts			$	—					$	—					$	140					$	(3)					$	137
Money market funds and other			12						22						—						—						34
Nuclear decommissioning trusts:
Stocks2			1,834						—						—						—						1,834
Fixed Income3			1,017						1,676						—						—						2,693
Short-term investments, primarily cash equivalents			133						31						—						—						164
Subtotal of nuclear decommissioning trusts4			2,984						1,707						—						—						4,691
Total assets			2,996						1,729						140						(3)						4,862
Liabilities at fair value
Derivative contracts			—						83						3						(86)						—
Total liabilities			—						83						3						(86)						—
Net assets			$	2,996					$	1,646					$	137					$	83					$	4,862

			December 31, 2024
(in millions)			Level 1						Level 2						Level 3						Netting and Collateral1						Total
Assets at fair value
Derivative contracts			$	—					$	1					$	212					$	(1)					$	212
Other			—						22						—						—						22
Nuclear decommissioning trusts:
Stocks2			1,631						—						—						—						1,631
Fixed Income3			975						1,618						—						—						2,593
Short-term investments, primarily cash equivalents			128						39						—						—						167
Subtotal of nuclear decommissioning trusts4			2,734						1,657						—						—						4,391
Total assets			2,734						1,680						212						(1)						4,625
Liabilities at fair value
Derivative contracts			—						47						—						(47)						—
Total liabilities			—						47						—						(47)						—
Net assets			$	2,734					$	1,633					$	212					$	46					$	4,625

1Represents the netting of assets and liabilities under master netting agreements and cash collateral.

2Approximately 72% and 75% of SCE's equity investments were in companies located in the United States at September 30, 2025 and December 31, 2024, respectively.

3Includes corporate bonds, which were diversified by the inclusion of collateralized mortgage obligations and other asset backed securities, of $61 million and $94 million at September 30, 2025 and December 31, 2024, respectively.

4Excludes net payables of $216 million and $105 million at September 30, 2025 and December 31, 2024, respectively, which consist of interest and dividend receivables as well as receivables and payables related to SCE's pending securities sales and purchases.

Schedule of Changes in SCE's Fair Value of Level 3

The following table sets forth a summary of changes in SCE's fair value of Level 3 net derivative assets and liabilities:

			Three months ended September 30,												Nine months ended September 30,
(in millions)			2025						2024						2025						2024
Fair value of net assets at beginning of period			$	179					$	79					$	212					$	91
Sales			—						(1)						—						(1)
Settlements			(16)						8						(30)						12
Total realized/unrealized gains (losses)1			(26)						(49)						(45)						(65)
Fair value of net assets at end of period			$	137					$	37					$	137					$	37

1Due to regulatory mechanisms, SCE's realized and unrealized gains and losses are recorded as regulatory assets and liabilities.

Schedule of Significant Unobservable Inputs Used to Determine Fair Value for Level 3

The following table sets forth the significant unobservable inputs used to determine fair value for Level 3 assets and liabilities:

			Fair Value (in millions)												Significant Unobservable Input						Range ($ per MWh)						Weighted Average ($ per MWh)
			Assets						Liabilities
September 30, 2025
CRRs			$	135					$	3					CAISO CRR auction prices						$(19.88) - $28,322.72						$	27.79
Fin Toll arrangements			5						—						Hourly Forecast Power Prices						0.00 - 89.95						33.40
December 31, 2024
CRRs			$	212					$	—					CAISO CRR auction prices						$(4.64) - $50,048.16						$	27.20

Schedule of Fair Value of Debt Recorded at Carrying Value

The carrying value and fair value of Edison International's and SCE's long-term debt (including the current portion of long-term debt) are as follows:

			September 30, 2025												December 31, 2024
(in millions)			Carrying Value1						Fair Value2						Carrying Value1						Fair Value2
Edison International			$	36,378					$	34,014					$	35,583					$	33,160
SCE			31,565						29,086						30,515						27,994

1Carrying value is net of debt issuance costs.

2The fair value of long-term debt is classified as Level 2.

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Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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